The public record of our measurements.
Africa’s stablecoin economy, measured wallet by wallet and published with the method attached. Every figure here is dated, permanent and traceable to an on-chain sweep — not a survey, not a self-reported number, not an estimate. Free to cite with attribution.
Every note, newest first
93 notes · 38 milestones · 18 coverage notes · 15 recaps · 20 analyses · 2 Gradient notes
- MilestoneJanuary 2025 – September 2026
Grey Finance crossed $300M in virtual-account volume
Grey Finance crossed $300M in cumulative virtual-account volume attributed to Bridge — 742,689 settlements, 99.99% of it USDC on Solana. Monthly volume is still below its 2025 peak.
$303.1Mvirtual-account volume - MilestoneNovember 2025 – September 2026
Raenest crossed $30M in virtual-account volume
Raenest crossed $30M in cumulative virtual-account volume attributed to Bridge, on a record September of $8.92M — and the record came on 12% fewer payments than August.
$31.8Mvirtual-account volume - AnalysisJul 2024 – 28 Sep 2026
Blockradar's onchain footprint is $1.40B, and only 3.7% of it runs through venues we track
We mapped Blockradar's wallet infrastructure from onchain behaviour: $1.40B of observable flow across ten chains, 124 master wallets and 41,074 dedicated addresses. Most of it sits beneath businesses no venue dashboard shows.
$1.40Bobservable Blockradar-attributed flow - AnalysisSep 2021 – Sep 2026
Obiex has taken $11.07bn in deposits, and almost all of it settles to one place
Obiex has taken $11.07bn in stablecoin deposits since September 2021 across eight chains. Almost all of the settlement we can observe leaves through deposit addresses it holds at a single exchange.
$11.07bndeposits measured since Sep 2021 - MilestoneWeek of Sep 21 – 27, 2026
The market recorded more deposits in a week than ever before
168,908 deposits across the 20 live venues in the index, past the 165,281 set in the week of 17 August. It happened in a week when volume was flat and active wallets fell, so the record is in transaction count alone.
168,908deposits, week of Sep 21 – 27 - CoverageWeek of Sep 21 – 27, 2026
Jeroid joins the index, and our X account was compromised
Jeroid is live and enters the weekly index from this issue, restating the series upward by about $725,000 a week. Separately, the AfriFlux X account was accessed without authorisation on 22 September and recovered the following morning; anything posted from it during that window should be disregarded.
20live venues in the index - MilestoneWeek of Sep 21 – 27, 2026
Monica set its own deposit record, and held the top spot by $23,398
Monica recorded 37,433 deposits, its most in any week, and finished $23,398 ahead of Quidax — the third-closest week between the two venues since both crossed $1M. Its average deposit is $122, against Quidax's $313.
37,433Monica deposits, week of Sep 21 – 27 - AnalysisWeek of Sep 21 – 27, 2026
More deposits, fewer wallets, smaller tickets — three weeks running
The market set a deposit record while active wallets fell and the average deposit dropped to $122. Deposits per wallet are at their highest this quarter. The same people are transacting more often in smaller amounts, which is what a payment habit looks like and not what a trading market looks like.
3.14deposits per active wallet - MilestoneWeek of Sep 21 – 27, 2026
Textile FX had its biggest African week, and it shows up in cNGN
Textile FX cleared $4.50M in African notional, up 139% and its largest week by a wide margin. It settles the naira side of its trades in cNGN on BNB Chain, which is where cNGN's transfer volume rose 163% the same week — on 58 daily addresses.
$4.50MTextile FX African notional, week of Sep 21 – 27 - RecapWeek of Sep 21 – 27, 2026
Weekly recap: the most deposits we have ever counted, on flat volume
Attributed stablecoin volume was $20.59M, down 0.5%. Deposits hit 168,908 — an all-time high — while active wallets fell, so the average deposit dropped to $122. September is 7.0% ahead of August with three days left. Jeroid enters the index this week.
$20.59Mattributed stablecoin volume, week of Sep 21 – 27
What we commit to on every note we publish.
Attributed, not estimated
Every figure traces to an on-chain sweep of addresses we have verified and labelled, wallet by wallet. Nothing here is extrapolated from a survey, a funding round or a company’s own disclosure.
Stated, or it doesn’t publish
Each note carries a method statement naming what was measured and what was excluded. A note without one fails the build. See the methodology for attribution, clustering and sweeps.
Revised in the open
A published figure is never silently edited. When one changes, the note carries a dated correction and the original stays legible. A visible correction record is an asset, not an embarrassment.
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